India's GDP may contract by 3.1% in 2020: Moody's : Bulletin: Business Today
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India's GDP may contract by 3.1% in 2020: Moody's

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June 23, 2020

Donald Trump suspends H1B, H4 visas for rest of 2020
US President Donald Trump has signed an order, temporarily suspending employment-based visas. Trump administration has suspended and limited the entry into the US of H-1B, H-2B, and L visa-holders and their dependents till December 31, 2020. It also includes certain categories of J visas like an intern, trainee, teacher, camp counselor, or summer work travel programme. The new rule would apply only to those who are outside the US, do not have a valid non-immigrant visa and an official travel document other than a visa to enter the country.

'Disappointed; stand with immigrants,' says Sundar Pichai on Trump's H-1B suspension order
Google and Alphabet CEO Sundar Pichai has expressed his disappointment over the Trump administration's latest proclamation that suspends immigrant work visas including the H-1B visas temporarily till end of the year. He said he was disappointed by the decision and will continue to stand with the immigrants.

Coronavirus effect: India's GDP may contract by 3.1% in 2020, says Moody's
Weeks after cutting India's sovereign rating, Moody's on Monday said that India's gross domestic product (GDP) will contract 3.1 per cent in 2020 due to the coronavirus-led nationwide lockdown. The global rating agency, however, added that economic growth may bounce back to 6.9 per cent in 2021 as gradual recovery is expected to start from the second half of this year.

Indian Bank to offer Rs 20 lakh to heirs of employees succumbing to COVID-19
Public sector Indian Bank will provide Rs 20 lakh as financial relief to legal heirs of employees if they succumb to COVID-19 while in service. The bank board, on June 22, decided that the scheme will be applicable to all serving employees including whole time directors. It is valid from June 1 till March 31, 2021.

Banks sanction over Rs 75,400 crore of loans to MSMEs under credit guarantee scheme
The Finance Ministry has released data on the loans sanctioned under the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. The ministry said that public and private sector banks have cumulatively sanctioned Rs 75,426 crore under the scheme. The sector has been hit hard by the coronavirus pandemic

Shut down Bengaluru for 20 days to curb COVID-19 spread, says Kumaraswamy
Instead of sealing a few areas, the entire state capital of Bengaluru should be shut down for 20 days in view of the rising COVID-19 cases, former Karnataka chief minister H D Kumaraswamy said on Tuesday. In a series of tweets, the JD(S) leader said sealing some areas would not serve any purpose and that weaker sections of the society should be taken care of immediately.

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